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The securities/instruments, investments and investment strategies discussed on this website may not be suitable for all investors. The appropriateness of a particular investment or investment strategy will depend on an investor's individual circumstances and objectives. The views and opinions expressed on this website may not necessarily reflect those of Morgan Stanley Smith Barney LLC (“Morgan Stanley”). This website and its associated content are intended for U.S. residents only.

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See the Financial Advisors Biographies for Registration and Licensing information.

Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.

The Financial Times 401 Top Retirement Advisors is an independent listing produced annually by the Financial Times (September 2018). The FT 401 is based on data gathered from advisors, regulatory disclosures, and the FT’s research. The listing reflects each advisor’s status in seven primary areas: DC plan assets under management (AUM), DC AUM growth rate, specialization in DC plans, years of experience, advanced industry credentials, compliance record and DC plan participation rate. This award does not evaluate the quality of services provided to clients and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times in exchange for the rating.

40 under 40 Most Influential Business Leaders

Source: Baltimore Business Journal, “40 under 40 Most Influential Business Leaders”, August 2007. The award is based upon a recipient’s application and not upon any qualitative and quantitative criteria relating specifically to one’s position as a Financial Advisor. As such the award is not representative of any client’s experience nor is it indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney nor any of their Financial Advisors pay a fee to the Baltimore Business Journal in exchange for the rating.

40 under 40 Most Influential Business Leaders

Source: Baltimore Business Journal, “40 under 40 Most Influential Business Leaders”, August 1997. The award is based upon a recipient’s application and not upon any qualitative and quantitative criteria relating specifically to one’s position as a Financial Advisor. As such the award is not representative of any client’s experience nor is it indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney nor any of their Financial Advisors pay a fee to the Baltimore Business Journal in exchange for the rating.

401kWire’s 2011 300 Most Influential DC Advisors (2011 Ranking)

The 401kWire’s 300 Most Influential DC Advisors as identified by 401kWire using quantitative criteria selected from a pool of over 3000 nominations from the industry and the 401kWire’s editorial staff. The list of the 300 Most Influential DC Advisors was selected from more than 120,000 reader votes as well as from input from last year’s Top 40 Advisors and from distributors working with the advisors. Quantitative factors include but are not limited to, total assets, production, average account size, years in the business and other statistics about the advisors’ practices gathered directly from the nominees. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanly Smith Barney LLC nor its Financial Advisors pay a fee to 401kWire in exchange for the rating.

ASPPA 401(k) Leadership Award

Source: ASPPA’s “ASPPA 401(k) Leadership Award,” is designed to acknowledge a specific accomplishment and/or contribution by an individual or group of individuals within the 401(k) industry. This Award, sponsored by Morningstar, recognizes leadership, innovation and significant influence within the retirement industry targeting the sales, marketing and establishment of 401(k) plans. Firms review and approve nominations of individuals who match the ASPPA award criteria. Individuals are judged based on qualitative information collected from the nomination form, and potentially from interviews with the Award Committee. Finalists are entitled to receive paid airfare, conference registration, and three nights’ hotel accommodations to The ASPPA 401(k) SUMMIT. For more information on the award, go to http://www.aspa.org. The award is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to ASPPA in exchange for the award.

Barron’s - Top 100 Financial Advisors

Source: Barron’s “Top 100 Financial Advisors,” April 23, 2018. Barron’s “Top 100 Financial Advisors” bases its ratings on qualitative criteria: professionals with a minimum of 7 years of financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. Financial Advisors are quantitatively rated based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Because individual client portfolio performance varies and is typically unaudited, this rating focuses on customer satisfaction and quality of advice. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s past or future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Barron’s - Top Women Advisors Summit Attendees

2015 Summit This advisor in addition to the award recipients, was one of several hundred financial advisors who were selected by their firms to attend the tenth annual Barron’s Top Women Advisors Summit, hosted by Barron’s magazine to promote best practices in the industry and the value of advice to the investing public. The invitation-only conference was held at The Breakers in Palm Beach, FL, from December 2 to 4. This exclusive conference is designed to promote best practices and generate new ideas across the industry. Participants attended workshops, many led by the Top 100 Women Financial Advisors, that explored current issues ranging from business development ideas through managing high-net-worth accounts and families to portfolio management and retirement planning.

Barron’s - Winner’s Circle (Top 100)

Source: Barron’s “Top 100 Financial Advisors,” April 17, 2017. Barron’s “Top 100 Financial Advisors” bases its ratings on qualitative criteria: professionals with a minimum of 7 years of financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. Financial Advisors are quantitatively rated based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Because individual client portfolio performance varies and is typically unaudited, this rating focuses on customer satisfaction and quality of advice. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s past or future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Barron’s - Winner’s Circle Top Advisors Summit 2013

This advisor, in addition to the award recipients, was one of approximately 500 financial advisors who were selected by their firms to attend the eighth annual Barron’s Winner’s Circle Top Women Advisors Summit, hosted by Barron’s magazine to promote best practices in the industry and the value of advice to the investing public. The invitation-only conference was held at The Breakers in Palm Beach, FL, from December 4 to 6. This exclusive conference is designed to promote best practices and generate new ideas across the industry. Participants attended workshops, led by the Top 100 Women Financial Advisors, that explored current issues ranging from business development ideas through managing high-net-worth accounts and families to portfolio management and retirement planning.

Barron’s “Ranking the Institutional Consultants”

Source: Barron’s “Ranking the Institutional Consultants,” April 17, 2017. The teams in the ranking were evaluated on a range of criteria, including institutional investment assets overseen by the team, the revenue generated by those assets, the number of clients served by the team, and the number of team members and their regulatory records. Also considered were the advanced professional designations and accomplishments represented on the team. The rating is not indicative of the Institutional Consulting Director’s past or future performance. Neither Morgan Stanley Smith Barney LLC nor its Institutional Consulting Directors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Barron’s Multiple Award Winners

Awards as identified by Barron’s Magazine, using quantitative and qualitative criteria and selected from a total annual pool of over 3,000 nominations. Advisors who are selected have a minimum of seven years of financial services experience. Quantitative factors include, but are not limited to, the amount of assets under management. Qualitative factors include, but are not limited to, compliance record, interviews with senior management, and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Barron’s Top 1,000 FAs

Source: Barron’s “Top 1,000 Advisors,” February 18, 2013, as identified by Barron’s magazine, using quantitative and qualitative criteria and selected from a pool of over 4,000 nominations. Advisors in the Top 1,000 Financial Advisors have a minimum of seven years of financial services experience. Qualitative factors include, but are not limited to, compliance record, interviews with senior management, and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the financial advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Barron’s Top 1,200 Advisors

Source: Barron’s “Top 1,200 Advisors,” March 6, 2017, as identified by Barron’s magazine, using quantitative and qualitative criteria and selected from a pool of over 4,000 nominations. Advisors in the Top 1,200 Financial Advisors have a minimum of seven years of financial services experience. Qualitative factors include, but are not limited to, compliance record and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the financial advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Barron’s Top 1,200 Financial Advisors - 2018

Source: Barron’s “Top 1,200 Financial Advisors,” March 12, 2018, as identified by Barron’s magazine, using quantitative and qualitative criteria and selected from a pool of over 4,000 nominations. Advisors in the Top 1,200 Financial Advisors list have a minimum of seven years of financial services experience. Qualitative factors include, but are not limited to, compliance record and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the financial advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors paid a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Source: Barron’s “Top 100 Women Financial Advisors,” June 11, 2018. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. Barron’s “Top 100 Women Financial Advisors” bases its ratings on qualitative criteria: professionals with a minimum of 7 years financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. Financial Advisors are quantitatively rated based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Because individual client portfolio performance varies and is typically unaudited, this rating focuses on customer satisfaction and quality of advice. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor any of its Financial Advisors pay a fee to Barron’s in exchange for the rating.

Barron’s Top Institutional Consultants 2018

Source: Barron’s “Ranking the Institutional Consultants,” April 23, 2018. The teams in the ranking were evaluated on a range of criteria, including institutional investment assets overseen by the team, the revenue generated by those assets, the number of clients served by the team, and the number of team members and their regulatory records. Also considered were the advanced professional designations and accomplishments represented on the team. The rating is not indicative of the Institutional Consulting Director’s past or future performance. Neither Morgan Stanley Smith Barney LLC nor its Institutional Consulting Directors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Crain’s Chicago Notable Financial Advisors

“Chicago’s Notable Financial Advisers 2018” October 22, 2018 as appearing in Crain’s Chicago Business, is based on nominations made to Crain’s. The criteria are that nominees must be based in the Chicago area, currently employed full time at a financial institution or company offering wealth management services, have a minimum 5 years’ experience, oversee at least $10 million in assets under advisement and contributions within the industry. The rating is not indicative of the Financial Advisors’ future performance. Neither Morgan Stanley Smith Barney LLC or its Financial Advisors paid a fee to Crain’s in exchange for the award.

Financial Times - Top 100 Women Financial Advisors

Source: Financial Times “Top 100 Women Financial Advisors,” November 19, 2014. Using quantifiable and objective criteria and selected from a pool of over 400 candidates, financial advisors in the Top 100 Women Financial Advisors are required to have a minimum of ten years’ experience and at least $200 million assets under management (“AUM”). Financial advisors were graded based on various factors including, but not limited to, AUM, compliance record, years of experience, AUM growth rate, industry certifications and online accessibility. The rating may not be representative of any one client’s experience and is not indicative of the financial advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Financial Times in exchange for the rating. For more on methodology please go to www.ft.com/reports.

Financial Times 400 Top Advisors 2018

Source: The Financial Times 400 Top Financial Advisors is an independent listing produced annually by the Financial Times (March 2018). The FT 400 is based on data gathered from advisors, broker-dealer home offices, regulatory disclosures, and the FT’s research. The listing reflects each advisor’s status in six primary areas: assets under management (AUM), asset growth, compliance record, experience, credentials and online accessibility. This award does not evaluate the quality of services provided to clients and is not indicative of this advisor’s future performance. Neither the brokerages nor the advisors pay a fee to the Financial Times in exchange for inclusion in the FT 400.

Financial Times Top 400

The Financial Times Top 400 Financial Advisors is an independent listing produced annually by the Financial Times (March, 2017). The FT 400 is based on data gathered from advisors, broker-dealer home offices, regulatory disclosures and the FT’s research. The listing reflects each advisor’s status in six primary areas: assets under management, asset growth, compliance record, experience and online accessibility. The award does not evaluate the quality of services provided to clients. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times in exchange for the rating.

Financial Times Top 401 Retirement Plan Advisors

Source: The Financial Times 401 Top Retirement Plan Advisors is an independent listing produced annually by the Financial Times (September 2017). The FT 401 is based on data gathered from advisors, regulatory disclosures , and the FT’s research. The listing reflects each advisor’s status in seven primary areas: DC plan assets under management (AUM), DC AUM growth rate, specialization In DC plans, years of experience, advanced industry credentials, compliance record and DC plan participation rate. This award does not evaluate the quality of services provided to clients and is not indicative of the Financial Advisor’s future performance . Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to The Financial Times In exchange for the rating.

Five Star Wealth Manager

Five Star Professional, as a third party research firm, identified pre-qualified award candidates based on industry data and contacted all identified broker dealers, Registered Investment Advisor firms and FINRA-registered representatives to gather wealth manager nominations. Self-nominations are not accepted. Award candidates are then evaluated against 10 objective eligibility and evaluation criteria associated with wealth managers who must have a minimum of five years’ experience as an investment adviser representative or other accepted credentials, client retention rates, client assets administered, firm review and a favorable regulatory and complaint history as defined by Five Star. Five Star Professional determines the final list of Five Star Wealth Manager Award winners. The Award does not evaluate the quality of services furnished to clients and it is possible that the recipient may have received unfavorable ratings from those surveyed. Five Star Professional collected the information for this Award through surveys it conducted.• Wealth managers and/or their firms do not pay a fee to be considered or placed on the final list of Five Star Wealth Managers.• The Five Star award is not indicative of the wealth manager’s future performance.• Wealth managers may or may not use discretion in their practice and therefore may not manage their clients’ assets.• The inclusion of a wealth manager on the list should not be construed as an endorsement of the wealth manager by Five Star Professional.• Working with a Five Star Wealth Manager or any wealth manager is no guarantee as to future investment success, nor is there any guarantee that the selected wealth managers will be awarded this accomplishment by Five Star Professional in the future.• For more information on the Five Star award and the research/selection methodology, go to fivestarprofessional.com.

Forbes Best In State Wealth Advisors

Source: Forbes.com (February 2018). Best-in-State Wealth Advisors ranking was developed by SHOOK Research and is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research, LLC and are not indicative of future performance or representative of any one client’s experience. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pay a fee to Forbes or SHOOK Research in exchange for the ranking. For more information: www.SHOOKresearch.com.

Forbes Top Advisor List

Source: Forbes Magazine and Forbes Online (August 2016). The ranking of America’s Top Wealth Advisors, developed by Forbes’ partner SHOOK Research, is based on an algorithm of qualitative and quantitative data, rating thousands of wealth advisors with a minimum of seven years of experience and weighing factors like revenue trends, AUM, compliance records, industry experience and best practices learned through telephone and in-person interviews. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Forbes or SHOOK Research in exchange for the ranking. For the full list and more, visit: www.forbes.com/top-wealth-advisors.

Forbes Top Next Gen Advisor 2018

Source: Forbes Magazine (July, 2018). Data provided by SHOOKTM Research, LLC. Data as of 3/31/18. SHOOK considered Financial Advisors born in 1980 or later with a minimum 4 years relevant experience, who have: built their own practices and lead their teams; joined teams and are viewed as future leadership; or a combination of both. Ranking algorithm is based on qualitative measures: telephone and in-person interviews, client retention, industry experience, credentials, review of compliance records, firm nominations; and quantitative criteria, such as: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Forbes or SHOOK Research in exchange for the ranking. For more information see www.SHOOKresearch.com.

Forbes Top Wealth Advisors

America’s Top Wealth Advisors (Forbes.com Sept. 2017). The ranking, developed by SHOOK Research, is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinions of SHOOK Research, LLC and not indicative of future performance or representative of any one client’s experience. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Forbes or SHOOK Research in exchange for the ranking. For more information: www.SHOOKresearch.com.

Forbes Top Women Wealth Advisors 2018

Source: Forbes.com (May, 2018). America’s Top Women Wealth Advisors ranking was developed by SHOOK Research and is based on in-person and telephone due diligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC and not indicative of future performance or representative of any one client’s experience. Neither Forbes nor SHOOK Research receives compensation in exchange for placement on the ranking. For more information: www.SHOOKresearch.com.

Forbes-- America’s Top Next Generation Wealth Advisors

Source: Forbes Magazine (July, 2017). Data provided by SHOOKTM Research, LLC. Data as of 3/31/17. SHOOK considered Financial Advisors born in 1980 or later with a minimum 4 years relevant experience, who have: built their own practices and lead their teams; joined teams and are viewed as future leadership; or a combination of both. Ranking algorithm is based on qualitative measures: telephone and in-person interviews, client retention, industry experience, credentials, review of compliance records, firm nominations; and quantitative criteria, such as: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC, which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Forbes or SHOOK Research in exchange for the ranking. For more information see www.SHOOKresearch.com.

Forbes’ Top 200 Women Wealth Advisors

Source: Forbes.com (February 2017). The ranking of America’s Top Women Wealth Advisors, developed by Forbes’ partner SHOOK Research, is based on a ranking algorithm that includes telephone and in-person interviews, client retention, industry experience, review of compliance records, firm nominations; and quantitative criteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC which does not receive compensation from the advisors or their firms in exchange for placement on a ranking. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Forbes or SHOOK Research in exchange for the ranking. For the full list and more visit: www.forbes.com/top-wealth-advisors.

NABCAP Premier Wealth Advisors (5-Star Local List)

Source: NABCAP: "Premier Wealth Advisors", Omaha Magazine, Over 5000 direct contacts and over 40000 indirect contacts were made to seek participation and/or nomination of participants in the Premier Wealth Advisor Program. The number of individuals contacted varies based on the size of the local market. NABCAP uses a methodology that it has created that includes both quantitative and qualitative criteria including, but not limited to financial planning, education, experience, and compliance record. NABCAP contracts with Rank Premier Advisors to administer its evaluation process. NABCAP’s evaluation and ranking program (including the evaluation and validation process and the list of NABCAP Premier Advisors) is an independent third-party assessment based on objective, unbiased questions ("Program"). The Program is structured to ensure a comprehensive and objective evaluation of financial advisory practices. NABCAP’s methodology includes, but is not limited to (i) average assets per client, (ii) average number of clients per advisor, (iii) financial advisor to support staff ratio, and (iv) financial advisor and support staff credentials/designations. For more information on NABCAP’s methodology go to nabcap.org.Premier Wealth Advisors do not pay a fee to be included in the final list of NABCAP Premier Wealth Advisors.The overall evaluation score of a wealth manager may not be representative of any one client’s evaluation.The inclusion of a wealth manager on the list should not be construed as an endorsement of the wealth manager by NABCAP or Omaha Magazine.The rating is not indicative of the Financial Advisor’s future performance.

NAPA Net’s "Top Women Advisors of 2016"

NAPA Net’s "Top Women Advisors of 2016", December 14, 2016 as appearing in NAPA Net or www.NAPA-NET.org is based on a combination of nominations by the NAPA members as well as votes from individuals across the spectrum of the retirement industry. Nominees are asked to respond to a series of questions, both quantitative and qualitative, about their experience and practice. A panel of judges reviewed the anonymized questionnaires and selected the women honored in three separate categories including All-Star, Captains, and Rising Stars. The rating is not indicative of the Financial Advisors’ future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to NAPA-Net in exchange for the rating.

NAPA Net’s Top Women Advisors 2017

NAPA Net’s "Top Women Advisors of 2017," December 19, 2017 as appearing in NAPA Net or www.Napa-Net.org, is based on nominations by the NAPA members. Nominees are asked to respond to a series of questions, both quantitative and qualitative, about their experience and practices. A panel of judges reviewed the anonymized questionnaires and selected the women honored in three categories: All Star, Captains, and Rising Stars. The rating is not indicative of the Financial Advisors’ future performance. Neither Morgan Stanley Smith Barney LLC or its Financial Advisors paid a fee to NAPA-Net in exchange for the rating.

NAPA Net’s Top Women Advisors of 2018

NAPA Net’s “Top Women Advisors of 2018,” November 28,2018 as appearing in NAPA Net or www.Napa-Net.org, is based on nominations by the NAPAmembers. Nominees are asked to respond to a series of questions, both quantitative and qualitative, about their experience and practices. A panel of judges reviewed the anonymized questionnaires and selected the women honored in three categories: All Star, Captains, and Rising Stars. The rating is not indicative of the Financial Advisors’ future performance. Neither Morgan Stanley Smith Barney LLC or its Financial Advisors paid a fee to NAPA-Net in exchange for the rating.

NAPA Top DC Advisor Teams - 2018

Source: NAPA “Top DC Advisor Firms,” December 2018 NAPA Net The Magazine. NAPA’s “Top DC Advisor Firms” recognizes firms, teams, or offices, for their defined contribution (DC) practice specifically. The ranking is based on the team’s defined contributions assets under management. This award does not evaluate the quality of services provided to clients and is not indicative of the team’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pay a fee to NAPA in exchange for the rating.

NAPA Top DC Advisors (Team Ranking)

Source: NAPA "Top DC Advisors Firms," Winter Issue NAPA Net The Magazine. NAPA’s "Top DC Advisor Firms," unlike other lists, recognizes firms, or what may, in a wirehouse environment, be referred to as a team, or office, for their defined contribution (DC) practice specifically. The ranking is based on the team’s defined contributions assets under management. This award does not evaluate the quality of services provided to clients and is not indicative of the team’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pay a fee to NAPA in exchange for the rating.

NAPA’s Top Retirement Plan Advisors Under 40

NAPA Net’s "Top Retirement Plan Advisors Under 40," www.NAPA-NET.org, is drawn from nominations provided by the advisors’ firms. Final selection is based on a review of quantitative and qualitative data provided by the Financial Advisor. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors paid a fee to NAPA Net in exchange for the rating

On Wall Street’s Top 100 Branch Manager Honorees

On Wall Street’s Top 100 Branch Manager Honorees as identified by onwallstreet using criteria such as achievements during the year, ability to identify, recruit, develop, retain and reward talented Financial Advisors and dedication to the goal of providing superior client service. The Honorees are selected from the pool of nominees by judges chosen by onwallstreet. The rating may not be representative of any one client’s experience and is not indicative of the Branch Manager’s future performance. Neither Morgan Stanly Smith Barney LLC nor its Branch Managers pay a fee to onwallstreet in exchange for the rating.

On Wall Street’s Top 40 Under 40

On Wall Street’s Top 40 Under 40 asks brokerage firms to nominate their top young brokers. Of those nominated, On Wall Street bases its rankings on quantitative and qualitative criteria. FAs are ranked by their annual trailing-12 month production (as of Sept 30, 2014), The rating is not indicative of the advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its financial advisors pay a fee to On Wall Street in exchange for the rating.

PLAN ADVISOR OF THE YEAR

Source: PLANSPONSOR Adviser nominations for "Retirement Plan Adviser/ Team of the Year" were solicited from retirement plan advisers, from employers and/or broker/dealers and from plan sponsors, as well as from working partners of the nominees, including investment vendors, accountants, attorneys and pension administrators. Nominees were required to provide various details about their practice and answer essay questions. In order to be selected as a finalist, advisers nominees must have a majority of their business revenue derived from employer-sponsored retirement plans; serve as a fiduciary to client plans; show a commitment to fee-based compensation; and use replacement rate or outcome-based metrics of plans with clients, among other benchmarks. The rating is not indicative of the Financial Advisor Team’s future performance. Neither the Financial Advisor Team nor Morgan Stanley Smith Barney LLC pay a fee to PLANSPONSOR in exchange for the ranking.

PLANADVIDER Plan Adviser Team of the Year

Source: PLANADVISER.com, October 2015, "The 2015 PLANADVISER Retirement Plan Team of the Year." Adviser nominations for Retirement Plan Adviser Team of the Year were solicited from retirement plan advisers ( self-nominations are not permitted), from employers and/or broker/dealers and from plan sponsors, as well as from working partners of the nominees, including investment vendors, accountants, attorneys and pension administrators. Nominees were required to provide various details about their practice and answer essay questions. In order to be selected as a finalist, advisers had to meet requirements, set by the PLANADVISER editorial and judging team, nominees must: have a majority of their business revenue derived from employer-sponsored retirement plans; serve as a fiduciary to client plans; show a commitment to fee-based compensation; and use replacement rate or outcome-based metrics of plans with clients, among other benchmarks. The rating is not indicative of the Financial Advisor Team’s future performance. Neither the Financial Advisor Team nor Morgan Stanley Smith Barney LLC pay a fee to PlanSponsor in exchange for the ranking.

PLANADVISOR Top 100

Source: PLANADVISER.com, January/February 2018. The 2018 PLANADVISER Top 100 Retirement Plan Advisers award is compiled from responses to the PLANADVISER Retirement Plan Adviser Survey. It is based solely from a set of quantitative variables and information from a survey supplied by the advisers themselves. A sub-segment of the questions was used to determine eligibility for the Top 100. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors paid a fee to Plan Adviser in exchange for the rating.

Registered Rep’s List of Top 100 Wirehouse Advisors

Source: REP. Magazine October, 2015. Advisors on the Top 100 Wirehouse Advisors list are ranked exclusively by assets under management custodied at the four wirehouse firms. Only advisors for whom 80 percent or more of assets corresponded to retail clients were eligible for the list. Assets under management are as of the end of the second quarter 2015. REP. magazine and WealthManagement.com do not receive any compensation from the financial advisors, participating firms, affiliates or the media in exchange for rankings.

REP Magazine

Source: REP. magazine’s "Top 40 Wirehouse Advisors Under 40", August 5, 2013. Selected Financial Advisors are ranked exclusively by assets under management custodied at their firm. Only Financial Advisors for whom 60 percent or more of assets correspond to retail clients were eligible for the list. Financial Advisors must be under the age of 40 as of August 2013. The rating is not indicative of the Financial Advisor’s future performance. Neither the Financial Advisor nor Morgan Stanley Wealth Management pay a fee to REP. magazine in exchange for the ranking

REP Magazine

REP. Magazine’s "Top 50 Wirehouse Women," Oct. 1, 2014. Advisors on the Top 50 Wirehouse Women list are ranked exclusively by assets under management custodied at their firm. Only advisors for whom 80 percent or more of assets corresponding to retail clients were eligible for the list. Assets under management are as of the end of the first quarter 2014. REP. magazine and WealthManagement.com do not receive any compensation from the financial advisors, participating firms, affiliates or the media in exchange for rankings.

Research Magazine’s - Winner’s Circle Top Teams

Source: Research Magazine’s "130 Top-Ranked Advisor Teams in America," as identified by The Winner’s Circle®, LLC, bases its rankings on qualitative criteria: professionals with a minimum of 7 years’ financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. With over 7,000 nominations compiled on an annual basis, Financial Advisor teams are quantitatively ranked based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Additional measures include: in-depth interviews and discussions with senior management, peers, and customers, and telephone-based and in-person interviews with the nominees. Because individual client portfolio performance varies and is typically unaudited, this ranking focuses on customer satisfaction and quality of advice. For more information on ranking methodology, go to www.WCorg.com. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to The Winner’s Circle in exchange for the rating.

Research Magazine’s Top Ranked Teams in America

Source: Research Magazine’s "Top Ranked Teams in America,", as identified by Barron’s magazine in, using quantitative and qualitative criteria and selected from a pool of over 3,000 nominations. Financial Advisors in the Top Ranked Teams have a minimum of seven years of financial services experience. Qualitative factors include but are not limited to compliance record, interviews with senior management, and philanthropic work. Investment performance is not a criterion. The rating may not be representative of any one client’s experience and is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to Barron’s in exchange for the rating. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved.

Reuters AdvicePoint

Source: Reuters AdvicePoint bases its rankings exclusively on quantitative criteria such as assets under management, size of the book, and an acceptable compliance record. Reuters accepts nominations from Financial Advisors. The rating is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC does not pay a fee to Reuters in exchange for the rating.

Top 100 Women

Source: Maryland Daily Record, "Top 100 Women",1998, 2004 and 2007. The award is based upon a recipient’s application and not upon any qualitative and quantitative criteria relating specifically to one’s position as a Financial Advisor. As such the award is not representative of any client’s experience nor is it indicative of the Financial Advisor’s future performance. The publication states that it considers four factors in compiling its list: accomplishments to date, contributions to the industry, leadership, and promise. Neither Morgan Stanley Smith Barney nor any of their Financial Advisors pay a fee to the Maryland Daily Record in exchange for the rating.

Up and Coming Young Professionals

Source: Baltimore Jewish Times, "Up and Coming Young Professionals", March 2009. The award is based upon a recipient’s application and not upon any qualitative and quantitative criteria relating specifically to one’s position as a Financial Advisor. As such the award is not representative of any client’s experience nor is it indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney nor any of their Financial Advisors pay a fee to the Baltimore Jewish Times in exchange for the rating.

Washingtonian Magazine Wealth Manager Award

Source: Washingtonian, November, 2012. Washingtonian’s "They Know Money" bases its ratings on quantitative and qualitative criteria, including but not limited to: surveys to Washington-area financial professionals, nominations submitted to them by firms based upon assets under management, degrees, and certifications. The rating may not be representative of any one client’s experience. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor any of their Financial Advisors pay a fee to Washingtonian in exchange for the rating.The individual(s) mentioned as the [Portfolio Manager or Portfolio Management Team] is/are [a] Financial Advisor(s) with Morgan Stanley participating in the Morgan Stanley Portfolio Management program. The Portfolio Management program is an investment advisory program in which the client’s Financial Advisor invests the client’s assets on a discretionary basis in a range of securities. The Portfolio Management program is described in the applicable Morgan Stanley ADV Part 2, available at www.morganstanley.com/ADV or from your Financial Advisor.

Winner’s Circle Top 50

The Winner’s Circle®, LLC, bases its rankings on qualitative criteria: professionals with a minimum of 7 years’ financial services experience, acceptable compliance records, client retention reports, customer satisfaction, and more. With over 7,000 nominations compiled on an annual basis, Financial Advisors are quantitatively ranked based on varying types of revenues and assets advised by the financial professional, with weightings associated for each. Additional measures include: in-depth interviews and discussions with senior management, peers, and customers, and telephone-based and in-person interviews with the nominees. Because individual client portfolio performance varies and is typically unaudited, this ranking focuses on customer satisfaction and quality of advice. For more information on ranking methodology, go to www.WCorg.com. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors pay a fee to The Winner’s Circle in exchange for the rating.

Working Mothers

Source: Working Mother magazine (October/November, 2017) SHOOK™ Research considered Financial Advisors who are mothers with children living at home and under the age of 18. Ranking algorithm is based on qualitative measures derived from telephone and in-person interviews and surveys: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Working Mother or SHOOK Research in exchange for the ranking. For more information see www.SHOOKresearch.com.

Working Mothers – 2018

Source: Working Mother magazine (October/November, 2018) SHOOK™ Research considered Financial Advisors who are mothers with children living at home and under the age of 18. Ranking algorithm is based on qualitative measures derived from telephone and in-person interviews and surveys: service models, investing process, client retention, industry experience, review of compliance records, firm nominations, etc.; and quantitative criteria, such as assets under management and revenue generated for their firms. Investment performance is not a criterion because client objectives and risk tolerances vary, and advisors rarely have audited performance reports. Rankings are based on the opinions of SHOOK Research, LLC. Neither Morgan Stanley Smith Barney LLC nor its Financial Advisors or Private Wealth Advisors pays a fee to Working Mother or SHOOK Research in exchange for the ranking. For more information see www.SHOOKresearch.com.

Worth (Top 100)

Source: Worth Magazine’s "Top 100 Wealth Advisors," bases its rankings on qualitative criteria that include: professional designations and educational credentials, professional experience, acceptable compliance records, outlook on the investment climate, model portfolio returns, and client retention rate. Worth editors receive thousands of nominations nationwide from Worth readers and investment professionals. Nominated advisors are then asked to complete an extensive survey. All credentials and designations are verified and nominee compliance records are verified. For more information on ranking methodology, go to www.worth.com/Editorial/Wealth-Management/Advisors/subarticles/Taking-the-Measure-of-Your-Managers-The-Top-100-Methodology.asp. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC does not pay a fee to Worth Magazine in exchange for the rating.

Worth (Top 250)

Source: Worth Magazine’s "Top 250 Wealth Advisors," bases its rankings on qualitative criteria that include: professional designations and educational credentials, professional experience, acceptable compliance records, outlook on the investment climate, model portfolio returns, and client retention rate. Worth editors receive thousands of nominations nationwide from Worth readers and investment professionals. Nominated advisors are then asked to complete an extensive survey. All credentials and designations are verified and nominee compliance records are verified. For more information on ranking methodology, go to www.worth.com/Index.asp. The rating may not be representative of any one client’s experience because it reflects a sample of all of the experiences of the Financial Advisor’s clients. The rating is not indicative of the Financial Advisor’s future performance. Morgan Stanley Smith Barney LLC does not pay a fee to Worth Magazine in exchange for the rating.

Measures the difference between a fund’s actual returns and its expected performance, given its level of risk as measured by Beta. A positive Alpha figure indicates the fund has performed better than its Beta would predict. A negative Alpha indicates the fund’s underperformance given the expectations established by the fund’s Beta. The accuracy of Alpha is therefore dependent on the accuracy of Beta. Many investors see Alpha as a measurement of the value added or subtracted by a fund manager.

Annual Portfolio Turnover

The lesser of purchases or sales of portfolio securities divided by the fund’s monthly assets. This figure is then annualized. The number is intended to give investors an indication of how frequently management trades securities.

Asset Allocation

How a portfolio is apportioned among different types of investments such as stocks, bonds and money market investments.

Average Coupon

Weighted average of the interest rates on the bonds the issuers promise to pay the fund if held to maturity, expressed as a percentage of face value.

Average Credit Rating

Weighted average of the credit quality ratings on the bonds in the fund’s portfolio. The ratings used in this calculation are from Standard & Poor’s, with AAA being the highest possible rating.

Average Maturity

Calculated by creating a weighted average of the stated maturities for the bonds in a fund’s portfolio.

Average Modified Duration

Weighted-average term to maturity of the bonds in the fund’s portfolio. Generally, the longer a fund’s average duration, the more sensitive it will be to changes in interest rates.

Average Yield To Maturity

Represents the internal rate of return of the bonds in a fund’s portfolio assuming the bonds’ interest is reinvested, and the bonds are held to maturity.

Balanced Portfolio

A portfolio containing several different investment types. Most balanced portfolios are invested in stocks, bonds and money market instruments.

Barclays Capital Aggregate Index

Covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass through securities, asset-backed securities, and commercial mortgage-based securities.

Barclays Capital Global Us Tips Index

Includes bonds that have cash flows linked to an inflation index. All bonds must be sovereign issues and be denominated in the relevant national currency and all bonds must have more than one year to maturity.

Barclays Capital Government/Corporate Bond Index

Composed of publicly issued, fixed rate, non-convertible domestic debt in three major classifications: industrial, utility, financial, as well as the domestic debt of the U.S. Government of any agency thereof. All issues have at least one year to maturity, or an outstanding par value of at least $100 million for U.S. Government issues and $50 million for corporate issues. All corporate issues have a minimum rating of Baa by Moody’s or BBB by Standard and Poor’s.

Barclays Capital High Yield Index

Covers the universe of fixed rate, non-investment-grade debt. All bonds included in the High Yield Index must be dollar-denominated and nonconvertible and have at least one year remaining to maturity and an outstanding par value of at least $150 million.

Barclays Capital Intermediate Government/ Corporate Bond Index

Subset of the Barclays Capital Government/Corporate Bond Index covering issues with maturities up to 10 years.

Barclays Capital Intermediate Government/ Credit Bond Index

Includes securities in the Government and Credit Indices. The Government Index includes treasuries and agencies. The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. This index is a subset of the Barclays Capital Aggregate Index covering issues with maturities between one and ten years.

Barclays Capital Long Term Government/ Credit Bond Index

Includes securities in the long maturity range of the Government/ Credit Index with maturities of 10 years or longer.

Barclays Capital Mortgage Backed Securities Bond (MBS) Index

Covers the mortgage-backed pass through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). The MBS Index excludes buy downs, graduated-equity mortgages, and project loans. The MBS Index is formed by grouping the universe of over one million individual fixed-rate MBS pools into approximately 2,900 generic aggregates (although only a certain number meet the index criteria).

Capital Appreciation

Increase in the price of an investment; also known as growth.

Capital Gain/ Loss

The profit (loss) that results from a change in the price of an asset. A realized gain (loss) occurs when an investment security is sold at a price above (below) its cost.

Capital Markets

A term encompassing all the securities markets in which stocks, bonds and money market instruments are traded.

Capital Preservation

An investment objective in which protecting the investor’s initial investment from loss is the primary goal.

Capitalization (Average)

Total capitalization of the portfolio divided by the number of securities in a portfolio. Capitalization (Equal-Weighted) - represents the average market capitalization of the stocks in the fund’s portfolio. It is derived by adding the market capitalization of all stocks held in the fund’s portfolio and dividing by the total number of stocks in the portfolio.

Capitalization (Market Cap-Weighted)

Represents the average market capitalization of the stocks in the fund’s portfolio, but is weighted on the basis of the total market value of each company’s outstanding shares.

Capitalization (Median)

Statistical median of all of the securities’ capitalizations in a portfolio. Capitalization (Weighted) - the portfolio-weighted simple mean of all stocks’ capitalizations in a portfolio.

Capitalization Sectors

Compares the size of the companies whose stocks are held by the mutual fund to the size of the companies that comprise the fund’s benchmark.

Cash Equivalents

Investments in short-term debt obligations issued by governments, banks and corporations. The obligations mature less than one year from issuance.

Citigroup Non-U.S. Government Bond Index (Un-Hedged)

Market-capitalization-weighted benchmark that tracks the performance of all world government bond markets in the Citigroup World Government Bond Index except the United States. Countries included in the index are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Citigroup World Government Bond Index (WGBI) (Hedged)

Is a market-capitalization-weighted benchmark that tracks the performance of the 22 government bond markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

A measure of inflation. The CPI is equal to the sum of prices of a number of goods purchased by consumers and weighted by the proportion each represents in a typical consumer’s budget.

Credit Quality

A measure of the likelihood that a company will be able to make interest and principal payments on its bonds or other debt securities. Standard & Poor’s Corporation and Moody’s Investors Service rate the credit quality of publicly traded debt securities. Bonds with the highest credit quality ratings are known as “investment grade,” and bonds with poor credit quality ratings are known as “speculative.”

Current Income

Cash interest regularly received on fixed income investments and cash dividends regularly received on stocks.

Developed Market

While not strictly defined, includes countries that (1) possess a per capita Gross Domestic Product substantially higher than the average for Emerging Markets; (2) hold fewer government-imposed barriers to foreign investment; and (3) have more strict regulatory environments. Investing in these countries is perceived as “less risky” because they are generally considered more politically and/ or economically stable than countries in the Emerging Markets. Countries in the Developed Markets category include the United States, Canada, Japan and Germany.

Diversification

The process of investing in a number of different types of investments to reduce the risk of poor performance by any one type of investment having a big impact on overall portfolio results. Diversification does not ensure against loss.

Dividend

Cash payment made by a company to stockholders.

Dividend Yield

Total amount of cash dividends received annually on a share of stock divided by the price of the stock.

Dow Jones-AIG Commodity Index

Rolling commodities index composed of futures contracts on 19 physical commodities traded on U.S. exchanges with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class.

Down Capture Ratio

Ratio of the fund’s overall performance to the benchmark’s overall performance, considering only periods that are negative in the benchmark. A Down Capture Ratio of less than 100% indicates a fund outperformed the relative benchmark in the benchmark’s negative quarters and protected more of a portfolio’s value during down markets.

EAFE Index

An abbreviation for the Morgan Stanley Capital International Europe, Australasia and Far East Index, an index of overseas stock performance.

Earnings Per Share (EPS)

Earnings per share; a company’s net income divided by the total number of outstanding shares. Investment managers use it as a measure of the firm’s profitability.

Earnings Per Share (EPS) Growth, Next 5 Years

Annualized percentage change between the most recent actual fiscal year EPS and the 5-year EPS consensus forecast from I/B/E/S, a database of analysts’ estimates of future earnings for publicly traded companies.

Economic Sectors

Types of industries represented by the stocks held by the fund. The percentage of the fund’s equity securities representing each economic sector is compared to the percentage of securities held in the fund’s benchmark.

Emerging Markets

While not strictly defined, include countries that (1) possess a per capita Gross Domestic Product substantially below the average for Developed Markets; (2) hold substantially greater government-imposed barriers to foreign investment; and (3) may have lax regulatory environments. Investing in these countries is perceived as “more risky” because they may not be as politically and/or economically stable as countries in the Developed Markets. Countries in the Emerging Markets category include Brazil, Chile, Mexico and Taiwan.

Employee Retirement Income Security Act (ERISA)

Passed in 1974, ERISA established the legal standards by which retirement plans are required to be managed.

Equity

The ownership interest of common and preferred stockholders in a company. Also see COMMON STOCKS.

ERISA

See EMPLOYEE RETIREMENT INCOME SECURITY ACT.

Excess Return

Represents the average quarterly total returns of the manager relative to its benchmark. A fund with a positive Excess Return has on average outperformed its benchmark on a quarterly basis. This statistic is obtained by subtracting the benchmark return from the fund’s return.

Expected Return

The return investors anticipate they will receive on an investment over some future period. The expected return often differs from the investors’ realized return.

Expense Ratio

Measures the fund’s annual expenses as a percentage of net assets. Expenses include all management and administrative fees, but exclude brokerage costs.

Fiduciary

A person or group vested with legal power and responsibilities that are to be used for the benefit of another person or group.

Fixed Income Investments

Debt securities, such as bonds and money market instruments, with specified interest and principal payment dates and amounts. Can also include preferred stock.

Global Beta

Measures an international fund’s volatility relative to its benchmark. It is calculated by dividing the fund’s standard deviation by the standard deviation of the market performance times the correlation of the fund and market performance. Market performance is represented by the Morgan Stanley EAFE Index.

Growth Sectors

Indicates the percentage of stocks in the fund’s portfolio, along with percentages of stocks in the fund’s benchmark, whose earnings are estimated to grow at various rates. Earnings estimates are obtained from I/B/E/S, a database of analysts’ estimates of future earnings for publicly traded companies.

Growth Stocks

Stocks of companies whose earnings are expected to grow rapidly.

Income

See CURRENT INCOME.

Information Ratio

Represents the Excess Return divided by the Tracking Error. It provides a measure of the historical consistency of the fund’s over performance or underperformance relative to its benchmark.

Interest Rate Cycle Analysis

Illustrates how fixed-income funds have performed in various interest rate climates, including falling and rising rate periods.

Interest Rate Risk

The risk associated with a change in market interest rates and the associated change in the price of a security.

Investment Discipline

How an investment manager implements an investment style.

Investment Grade

Fixed income investments receiving high credit quality ratings. Bonds are investment grade if they have a BBB or better rating by Standard & Poor’s Corp. or a Baa or better rating by Moody’s Investors Service.

Investment Manager

The individual or firm responsible for the day-today decisions involving an investment portfolio. The manager decides which stocks or bonds to buy or sell and when. Investment managers must be registered with the Securities and Exchange Commission and/or with the state where they do business.

Investment Monitor

A portfolio performance report sent to Consulting Group clients every quarter.

Investment Objective

The goal of an investment strategy followed by an investor or investment manager. Investment objectives can be designed to generate long-term growth, current income or a combination of both.

Investment Policy Statement

A summary of an individual’s or institution’s investment objectives that serves as a guide for many investment decisions.

Investment Style

Refers to a fund manager’s general discipline and philosophy that is employed during the investment decision making process.

Lipper Emerging Markets Average

Calculated by Lipper, Inc. and includes all funds that, by portfolio practice, seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where “emerging market” is defined by a country’s GNP per capita or other economic measures.

Lipper Funds Average

Calculated by Lipper, Inc. and includes all funds in the stated Lipper Category group in existence for that period. Universes are dynamic due to revisions for new funds, mergers and liquidations which result in change in the number of funds in a particular category and therefore it will be inaccurate if historical averages are linked.

Lipper General Municipal Debt Funds Average

Average of the reinvested performance of funds that invest at least 65% of their assets in municipal debt issues in the top four credit ratings.

Lipper High Current Yield Fund

Aims at high relative current yield from fixed income securities, has no quality or maturity restrictions, and tends to invest in lower grade debt issues.

Lipper Intermediate Income Funds Average

An average of the reinvested performance of funds that invest primarily in U.S. dollar and non-U.S. dollar debt securities located in at least three countries, excluding the United States, except in periods of market weakness.

Lipper Intermediate Investment Grade Debtdeby Fund

Invests at least 65% of its assets in investment grade issues (rated in top four grades) with dollar-weighted average maturities of 5 to 10 years.

Lipper Intermediate Multi-Cap Core

Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multicap funds typically have 25% to 75% of their assets invested in companies strictly outside of the U.S. with market capitalizations (on a 3-year weighted basis) above 400% of the 75th market capitalization percentile of the S&P/Citigroup World ex-U.S. Broad Market Index. Multi-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and 3-year sales-per-share growth value compared to the S&P/Citigroup World ex-U.S. BMI.

Lipper Large Cap Growth Fund Average

Calculated by Lipper, Inc. and includes all funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a 3-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and 3-year sales-per-share growth value, compared to the S&P 500 Index.

Lipper Large Cap Value Fund Average

Calculated by Lipper, Inc. and includes all funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a 3-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and 3-year sales-per-share growth value, compared to the S&P 500 Index.

Lipper Small Cap Growth Funds Average

Calculated by Lipper, Inc. and includes all funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a 3-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Small-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and 3-year sales-per-share growth value, compared to the S&P Small Cap 600 Index.

Lipper Small Cap Value Fund Average

Calculated by Lipper, Inc. and includes all funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a 3-year weighted basis) less than 250% of the dollar-weighted median of the smallest 500 of the middle 1,000 securities of S&P SuperComposite 1500 Index. Small-cap value funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and 3-year sales-per-share growth value, compared to the S&P Small Cap 600 Index.

Lipper US Government Money Market Fund

Invests principally in financial instruments issued or guaranteed by the U.S. Government, its agencies, or its instrumentalities, with dollar-weighted average maturities of less than 90 days. Intend to keep constant net asset value.

Liquidity

The ease with which investments can be bought or sold quickly without having a major impact on the price of those investments. Please note that all liquid stocks do come with some level of price risk.

Manager Tenure

Indicates the number of years the current portfolio manager has been managing the portfolio. When more than one portfolio manager manages a fund, the average tenure of the managers is listed.

Market Capitalization

The market value of a company. It equals the current stock price of a company multiplied by the total number of outstanding shares.

Market Cycle

Generally regarded as a time period of 5 to 10 years.

Market Cycle Return Analysis

Shows how an equity fund has performed in various market cycles, including bull and bear. Information on market capitalization cycles, such as large-cap value and growth and small-cap value and growth, is shown relative to the appropriate style of the fund.

Market Timing

An attempt to sell investments before they decrease in value and buying them when they are about to increase in value. Market timer investors will move their money among stocks, bonds and money market instruments based upon their expectations of short-term price changes in the capital markets.

Merrill Lynch Treasury 1-2.99 Index

Sub-index of the Merrill Lynch Treasury Master Index. Includes issues in the form of publicly placed, coupon-bearing US Treasury debt. Issues must carry a term to maturity of at least 1 year.

Money Manager

See INVESTMENT MANAGER.

Money Market

The market in which short-term, highly liquid, low-risk assets such as Treasury bills, bank certificates of deposit (CDs), corporate commercial paper and banker’s acceptances are traded.

Morgan Stanley EAFE Index (Capitalization Weighted)

Composite portfolio of equity (stock market) total returns for countries of Europe, Australia, New Zealand and the Far East. The return for each country is weighted on the basis of its market capitalization.

Morgan Stanley Emerging Equity Markets Free Gross Dividend Index

Composite portfolio consisting of equity total returns for countries with low to middle per capita income, as determined by the World Bank. Some of these countries include: Argentina, Greece, India, Malaysia, Portugal, and Turkey. The return for each country is weighted on the basis of its total market capitalization.

MSCI ACWI (All Country World) EX US Index

Free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets excluding U.S.

MSCI ACWI (All Country World) Index

Free float-adjusted market capitalization index that is designed to measure equity performance in the global developed and emerging markets.

MSCI EAFE and Emerging Markets Growth/ Value Indices

Please see MSCI Growth/Value Indices for definition.

MSCI EAFE Index (Europe, Australasia, Far East)

Free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

MSCI Emerging Equity Markets Gross Dividend Index

Free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

MSCI Growth/ Value Indices

Cover the full range of developed, emerging and All Country MSCI Equity Indices. The objective of the index design is to divide constituents of an underlying MSCI Standard Country Index into a value index and a growth index, each targeting 50% of the free float adjusted market capitalization of the underlying country index. Country Value/Growth indices are then aggregated into regional Value/Growth indices. Prior to May 30, 2003, the indices used Price/ Book Value (P/BV) ratios to divide the standard MSCI country indices into value and growth indices. All securities were classified as either “value” securities (low P/BV securities) or “growth” securities (high P/BV securities), relative to each MSCI country index.

Nareit Index

Includes all Real Estate Investment Trusts (REITs) that are publicly traded and members of the three major stock exchanges (NYSE, AMEX and NASDAQ). Constituents are reviewed on a monthly basis and companies are added or deleted based on a variety of corporate actions, such as mergers, acquisitions, initial public offerings, etc.

Ninety-Day Treasury Bill Index

Unweighted average of weekly auction offering rates of 90-Day Treasury Bills. Treasury Bills are backed by the full faith and credit of the U.S. Government.

Nominal Return

The return on an investment, not adjusted for the effect of inflation.

P/E Ratio-IBES Expected Earnings

Forward-looking calculation based on estimates of future earnings. Earnings estimates are obtained from I/B/E/S, a database of analysts’ estimates of future earnings for publicly traded companies.

P/E Ratio-Past 12 Months Earnings

Backward-looking calculation based on earnings for the prior 12-month period.

P/E Sectors

Provides a relative measure of the extent to which the stocks held by the mutual fund are “value” or “growth.”

Pension Protection Act

Signed into law in August 2006 and sets statutory support for defined benefit rules, and new rules for defined contribution plans, employer securities and non qualified plans.

Performance

The change in value of an investment or portfolio over a specific period of time. The overall performance of an investment includes any income and realized and unrealized capital gains/ losses.

Portfolio

The combined securities held by an investor.

Portfolio Characteristics

Provide important information about the fund. Included are the name of the fund manager and the number of years the manager has been overseeing the fund’s investments. Portfolio characteristics also provide a breakdown of the fund’s assets in the three major asset classes: stocks, bonds and cash. A breakdown of the portfolio between domestic and foreign securities may also be indicated.

Price/ Book Ratio

Represents the weighted average of the price/ book ratios of the stocks in a fund’s portfolio. This valuation measure compares a stock’s current price to its intrinsic—or book—value.

Price/ Earning Ratio (P/E Ratio)

Represents the average P/E ratio of the stocks in the fund’s portfolio. The P/E ratio for a stock is determined by dividing the stock price by earnings per share. P/E ratios can be interpreted as how much an investor is willing to pay for one year’s earnings.

Principal

The amount of money borrowed by a company in issuing a bond or other fixed income security. For many fixed income securities, it represents the amount that must be repaid by the borrower upon maturity.

R-Squared (R2)

Represents the percentage of the volatility of returns that is attributable to movements of the benchmark. It is a measure of “co-movement” between a portfolio and the benchmark. The closer the portfolio’s R2 is to 100%, the more closely the portfolio correlates to, or follows, the benchmark. Generally, highly diversified portfolios have higher R2 percentages.

R2 (Equity and Fixed Income)

Shows the degree of correlation of the returns of the fund manager to the regression line (determined by the index), with 1.0 indicating perfect correlation and 0 meaning no correlation. An index fund, for example, would have an R2 of 1.0.

Real Return

The return on an investment minus the effects of inflation.

Reinvestment Risk

The risk of being unable to invest the proceeds of a fixed income investment upon maturity, or coupon, into other fixed income securities having a comparable interest rate. The risk is created by the possibility of a future drop in market interest rates.

The possibility that the actual return on an investment will be different from the expected return. Typically, expect high potential returns for taking on greater risk. However, not investing aggressively enough may lead to short fall.

Risk-Free Investment

A riskless investment; short-term U.S. Treasury securities are generally used as a proxy for a risk-free investment.

Measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes.

Russell 3000 Index

Measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000 Value Index

Measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of either the Russell 1000 Value or the Russell 2000 Value indexes.

Russell Mid Cap Growth Index

Measures the performance of those Russell Mid cap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.

S&P 500

A representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it is also an ideal proxy for the total market. The Index is calculated using a baseweighted aggregate methodology, meaning the level of the Index reflects the total market value of all component stocks relative to a particular base period. Total market value is determined by multiplying the price of its stock by the number of shares outstanding.

Securities and Exchange Commission (SEC)

A federal government agency, which was created by the Securities and Exchange Act of 1934, that regulates the securities industry and administers federal securities laws.

Sharpe Ratio

Measures a portfolio’s rate of return based on the risk it assumed and is often referred to as its risk-adjusted performance. Using Standard Deviation and returns in excess of the returns of T-bills, it determines reward per unit of risk.

Standard Deviation

Quantifies the volatility associated with a given product. The statistic measures the annualized quarterly variation in returns around the mean return. Unlike Beta, which measures volatility relative to the aggregate market, Standard Deviation measures the absolute volatility.

Stocks

See COMMON STOCKS and EQUITY.

Sub-Style Labels

Such as Conservative/Traditional/ Aggressive Growth or Discount/Traditional/Relative Value can help explain some differences in investment philosophies, performance, volatility and portfolio characteristics in a quick and concise manner. Various market cycles may make a manager shine or look poor, sub-styles can enhance one’s understanding of the reasons behind a manager’s relative performance. These are subjective classifications based on CG’s understanding of a manager’s long-term investment philosophy and portfolio structuring techniques. Not all managers in a sub-style will display every trait consistent with that sub-style. Further, substyle classifications may change due to changes in the markets, benchmarks, industry trends, or a manager’s personnel or process.

Time Horizon

The amount of time until the allotted money is needed. This can typically be one, five, or even ten years.

Top Five Countries (International Funds Only)

Shows the five countries in which the largest percentage of the fund’s assets are invested.

Top Five Currencies (International Funds Only)

Shows the five top currencies in which the fund has the largest exposure. The Top Five Currencies may differ from the Top Five Countries due to the effect of a fund’s hedging techniques.

Total Return

Indicates the short- and long-term investment returns earned by the fund, along with the returns of its benchmark and/or index.

Tracking Error

Represents the Standard Deviation of the Excess Return. This provides a historical measure of the variability of the fund’s returns relative to its benchmark. A fund with a low Tracking Error would have quarterly Excess Returns that have exhibited very low volatility.

Treasury Bills

A short-term debt obligation backed by the U.S. government with a maturity of less than one year. T-bills are sold in denominations of $1,000 up to a maximum purchase of $5 million and commonly have maturities of one month (four weeks), three months (13 weeks) or six months (26 weeks).

Treasury Bonds

U.S. Treasury obligations that mature in more than ten years.

Treasury Notes

U.S. Treasury obligations that mature in two to ten years.

Up Capture Ratio

Ratio of the fund’s overall performance to the benchmark’s overall performance, considering only periods that are positive in the benchmark. An Up Capture Ratio of greater than 100% indicates a fund outperformed the relative benchmark in the benchmark’s positive quarters.

Value Stocks

Stocks that are trading at a discounted price relative to the company’s perceived worth, earnings or cash flow.

Volatility

Fluctuations in a security or portfolio’s value. Volatility is viewed as a measurement of an investment’s risk.